A value creation checklist
This project you’re working on, the new business or offering, what sort of value does it create?
Who is it for? What mindset and worldview and situation?
Is it paid for by organizations or individuals?
Does it solve a new problem or is it another/better solution to an old problem?
Will a few users pay a lot, or will a lot of users pay a little?
Do the people you seek to serve know that they have the problem you can solve for them?
Are you leveraging an asset that others don’t have?
Are you hiring talent and reselling it at a profit?
Are you combining the previously uncombined in a way that’s hard to duplicate?
Are you building technology that will create its own inertia, disrupting existing value chains and improving as it goes?
Are you doing something that others can’t do, or won’t do, and will that continue?
If you’re solving an existing problem, are you hoping that people will switch to your solution, or is the goal to get users who are new to the market or unaware of existing solutions?
Do you need a salesforce? What percentage of the value that’s created is created by talented salespeople?
How will people find out about the solution you are offering?
If you’re selling to organizations, what will your customer tell the boss?
How long is the sales and adoption cycle? Can you wait that long?
If you’re building a brand, how long will you have to invest (lose money in building trust and awareness) before you profit (generate profit margins that make up for your investment)?
Is there a network effect?
Are you building a natural monopoly?
Is there any substantial reason why your customers won’t simply switch to a cheaper alternative?
How much better do you need to be than the status quo to get someone to leap and switch to your solution?
What are the externalities and side effects like? How will the establishment of your solution change the market, the environment and the culture?
How long can you sustain this? What happens when the market changes, or you do?
What's the value you create over a lifetime relationship with a customer? Does that lifetime value establish a need for an endless supply of new customers, or are you able to heavily invest in just a few?
We need what you're working on... and focusing your solution makes it far more likely that it will find the traction it needs.